A good monsoon can help add "a percentage point" to India's GDP growth in the current fiscal, from 7.6 percent in 2015-16, NITI Aayog Vice Chairman Arvind Panagariya said Wednesday expressing confidence in crossing the 8 percent mark.

Indian economy, which expanded at 7.7 percent between 2003 and 2014 has the potential to clock 8 percent growth in the near future, Planning Commission's former deputy Chairman Montek Singh Ahluwalia said Thursday.

Having completed its first year with focus on being an enabler for creating 'Team India' of states, NITI Aayog will now look at strengthening its role as a 'think tank' of the government in the New Year.

The NITI (National Institution for Transforming India) Aayog, which has replaced the Planning Commission, on Tuesday said it has developed an interactive energy planning tool, which aims to explore a range of potential future energy scenarios for India up to 2047.

NITI Aayog has replaced the decades-old Planning Commission and is being seen as one of the most ambitious projects of the Modi government to overhaul governance and policymaking practices in the country.

Batting for the disbanded Planning Commission, Himachal Pradesh Chief Minister Virbhadra Singh said on Friday it was far better than the newly-constituted NITI Aayog as far as the welfare of states was concerned.

With the centrally-sponsored Backward Region Grant Fund (BRGF) coming to an end with the Planning Commission, Centre on Thursday assured the states not to worry as they would stand to benefit even more with devolution of taxes.

The NITI Aayog has initiated the mid-term appraisal process of the 12th Five Year Plan, an exercise which has long been followed prior to establishment of the new body that replaced the Planning Commission.

Government on Thursday came under attack in Rajya Sabha for scrapping Planning Commission, with Congress members saying the step appears to have been taken with a desire to abolish the legacy of first Prime Minister Jawaharlal Nehru.